Molecular Energies PLC Argentina Operational Update (8955N)
January 26 2023 - 2:00AM
UK Regulatory
TIDMMEN
RNS Number : 8955N
Molecular Energies PLC
26 January 2023
26 January 2023
MOLECULAR ENERGIES PLC
("Molecular" or the "Company")
Argentina Operational and Financial Update
Molecular Energies PLC (AIM: MEN), the international energy
company , provides an update on Argentina field operations in its
hydrocarbons division and certain financial matters.
Highlights
-- In Rio Negro, Argentina, nine production well workovers and
one injector well workover to start in February
-- In the Puesto Gurdian Concession, Salta, one workover and
three swabbing operations on currently shut-in wells scheduled to
commence next week
-- Advanced discussions taking place to purchase a truck mounted
mobile swabbing unit for its Salta assets in Q2 to swab a number of
otherwise inaccessible shut-in wells
Rio Negro
Nine workovers/pullings of producing wells and one of a water
disposal injector are expected to commence in February with a
workover rig.
Salta, Puesto Guardian Concession
One workover and three swabbing operations are commencing this
week with a light workover rig.
In the five fields in the Concession there are numerous old
wells where oil has ceased to naturally flow to surface in
commercial amounts but flows to surface irregularly in very small
amounts.
The swabbing programme is aimed at identifying in which wells
(if any) oil can be produced by artificial lift such as beam pumps.
With this is mind, taking into account some of the old wells which
are now inaccessible for a rig in the present state of vegetation,
the Company is in advanced discussions to purchase a truck mounted
mobile swabbing unit to be based in the Concession and upon this
purchase being completed, a further extended programme of wells to
be swabbed will be implemented, targeted for Q2 2023.
Prices and Financial
Whilst world oil prices have been volatile, realisation prices
for oil in Argentina remain stable with subsidiary President
Argentina being able to export certain of its oil from time to
time.
At the end of this year Argentina will be holding Presidential
elections. In the meantime, President Argentina, using its
financial capacity, is renewing its search to acquire income
generative energy sources in the country.
For further information please visit
www.molecularenergiesplc.com or contact:
Molecular Energies PLC +44 (0) 207 016 7950
Nikita Levine, Investor Relations info@molecularenergiesplc.com
finnCap (Nominated Advisor and
broker)
Christopher Raggett, George Dollemore +44 (0) 207 220 0500
Tavistock (Financial PR and IR)
Simon Hudson, Nick Elwes, Charles
Baister +44 (0) 20 7920 3150
Notes to Editors
Molecular Energies PLC is an AIM listed company at the forefront
of energy development and has interests across the energy spectrum,
from oil and gas projects to subdivisions in the green and
alternative energy sub-sectors.
The Company has oil and gas production in two geographical
markets: Argentina and the United States, as well as exploration
assets in both Argentina and Paraguay. The Company also has two
separate subdivisions which are focused on early-stage
opportunities in the green and/or alternative energy
sub-sector.
Activities in the green and alternative energy space are being
carried out under the Green House Capital brand and through AIM
listed ATOME Energy PLC operating in Paraguay and Iceland,
producing green hydrogen and ammonia for use in fuels.
With a strong strategic and institutional base of support, an
in-country management team as well as the Chairman whose interests
as the largest shareholder are aligned to those of its
shareholders, Molecular gives UK investors access to an energy
growth story combined with world class standards of corporate
governance, environmental and social responsibility.
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 as it forms part of
UK Domestic Law by virtue of the European Union (Withdrawal) Act
2018 ("UK MAR"). The person who arranged for the release of this
announcement on behalf of the Company was Peter Levine,
Chairman.
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